Nifty Futures
LTP: 16338.60
Support: 14155
Resistance: 14471 / 14477
Daily charts (long term)
There are multiple but unclear patterns being formed like a bearish pattern called the double top. A small correction followed it forming a new bullish pattern called the falling wedge.
The daily candle of 23rd April is a doji which can mean that the falling wedge pattern is being complete and we may see a breakout in the Nifty futures.
The candles have respected the 100 DEMA which is a good sign.
There are a couple of prominent green candles which again is a bull signal.
MACD doesn't give us an assurance as such. It is clearly in the bear zone with a bearish pattern.
RSI too is in a downtrend.
***I am skeptical due to the pandemic. The markets might react if a new lockdown is imposed or cases rise or to any negative news that we all are already expecting.
Hourly charts (medium term)
My doubts are confirmed by studying this chart. The first look of the chart is very bearish.
The DEMA is reversed. It should be in a pattern of 5, 10, 20, 50 and 100 but the hourly chart has reversed pattern which is a bearish signal.
We can see a struggle in MACD as well. It did form a bullish pattern for a while but has slipped to a neutral zone before EOD.
RSI, on the other hand is trying for a reversal but has resisted the 50 mark again and again and there is an unclear triple top pattern which is a bear sign.
The support and resistence in comparision to LTP give us a bad risk to reward ratio. Also, Nifty futures have made a double top pattern at the resistance of 14417.55 levels which indicates that we should only enter once this levels is broken and sustained.
*** I would expect a small correction and wait for a buy signal somewhere in the chart before making long positions.
15m charts (short term)
Again, DEMA are reversed which is not a good sign.
but MACD is giving us sign of strength and RSI is neutral at this point.
*** There is not much to think. We will wait for a strong bull sign to enter long!
LTP: 16338.60
Support: 14155
Resistance: 14471 / 14477
Daily charts (long term)
There are multiple but unclear patterns being formed like a bearish pattern called the double top. A small correction followed it forming a new bullish pattern called the falling wedge.
The daily candle of 23rd April is a doji which can mean that the falling wedge pattern is being complete and we may see a breakout in the Nifty futures.
The candles have respected the 100 DEMA which is a good sign.
There are a couple of prominent green candles which again is a bull signal.
MACD doesn't give us an assurance as such. It is clearly in the bear zone with a bearish pattern.
RSI too is in a downtrend.
***I am skeptical due to the pandemic. The markets might react if a new lockdown is imposed or cases rise or to any negative news that we all are already expecting.
Hourly charts (medium term)
My doubts are confirmed by studying this chart. The first look of the chart is very bearish.
The DEMA is reversed. It should be in a pattern of 5, 10, 20, 50 and 100 but the hourly chart has reversed pattern which is a bearish signal.
We can see a struggle in MACD as well. It did form a bullish pattern for a while but has slipped to a neutral zone before EOD.
RSI, on the other hand is trying for a reversal but has resisted the 50 mark again and again and there is an unclear triple top pattern which is a bear sign.
The support and resistence in comparision to LTP give us a bad risk to reward ratio. Also, Nifty futures have made a double top pattern at the resistance of 14417.55 levels which indicates that we should only enter once this levels is broken and sustained.
*** I would expect a small correction and wait for a buy signal somewhere in the chart before making long positions.
15m charts (short term)
Again, DEMA are reversed which is not a good sign.
but MACD is giving us sign of strength and RSI is neutral at this point.
*** There is not much to think. We will wait for a strong bull sign to enter long!